Tharisa PGM production rises in first half, chrome output lower

(Alliance News) - Tharisa PLC on Tuesday said it boosted platinum group metal production in the first half of its financial year, taking advantage of strong prices, while chrome output declined.

In a production report, the Cyprus-headquartered platinum miner reported PGM production of 73,100 ounces for the first six months that ended March 31, up 17% from 62,400 ounces a year earlier.

PGM output was up 5.5% to 34,300 ounces in the second quarter from 32,500 in the same quarter a year before, but fell 12% from 38,800 in the first quarter to December 31.

For the first half, the average PGM basket price was USD2,599 an ounce, up 85% from USD1,403 a prior year. The average PGM basket price more than doubled to USD3,038 an ounce in the second quarter from USD1,421 year-on-year, and rose 38% from USD2,208 on-quarter.

For the first six months, chrome production was 753,300 tonnes, down 0.3% from 755,400. Chrome output was 16% higher at 404,000 tonnes from 349,400 on-quarter, and was down 6.0% from 381,000 on an annual basis.

The average chrome price for the first half was USD284 a tonne, up 12% from USD253. The average chrome price in the second quarter rose 5.1% to USD290 a tonne from USD276 on-quarter, and up 23% from USD235 year-on-year.

Tharisa said it has put in place mitigation measures to ensure security of fuel supply to the Tharisa Mine amid the Middle East conflict, while costs will increase.

"This quarter's results reflect the resilience and operational discipline that define Tharisa, underpinned by our continued strong safety performance, in traditionally the toughest operational quarter, impacted by increased lightning events and high rainfall," Tharisa Chief Executive Officer Phoevos Pouroulis said.

Tharisa also said it officially began the underground development at the Tharisa Mine on March 31, 2026, with the first blast at the Apollo portal.

Looking ahead, guidance for the 2026 financial year is between 145,000 ounces and 165,000, up from 138,300 ounces a prior year. Annual chrome production is seen between 1.50 million tonnes and 1.65 million, compared to 1.56 million tonnes.

By Artwell Dlamini, Alliance News senior reporter South Africa

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